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Sun 26 Jul 2009 05:48 PM

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Iraq to hold second oil field auction

Senior Iraqi official says that a second energy auction is to be held on August 25 in Istanbul.

Iraq will hold a roadshow for oil fields on offer in its second major energy auction on August 25 in Istanbul, a senior Iraqi official said on Sunday.

Abdul-Mahdy al-Ameedi, deputy director general of Iraq's contracts and licencing directorate, said 45 firms qualified to bid for contracts to develop some of Iraq's vast oil fields had been invited. Iraq has the world's third-largest reserves.

Iraq's first bidding round for contracts was held last month, giving major firms a chance to compete for Iraqi oil and gas fields for the first time in decades. But only one of eight fields on offer secured a developer, a group led by BP.

Other firms were surprised by the difference in how much they expected to be paid for developing Iraqi fields and how much Iraq was willing to pay for their services. (Reuters)

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